Hi friends, I see that the excitement is building and the rumors are we are going to the moon again, but lets take a technical view at the market to see what is going on.
The possible formation of a bottom on the Bitcoin market is very real with a convincing inverted H&S.
However as analysts we have to look and find more confirmations of the reversal.
At the moment we have some contradicting information on the 4hr chart. The MACD looks like it wants to give a sell signal and the RSI is pointing straight down, indicating selling pressure.
And then we also have a bullish divergence which could lead to a very nice breakout should the bulls start showing up for the party.
We are finding ourselves in a tight trading range and I would expect some decent movement on the market before the weekend.
Very near term resistance is at 8800 and support is at 8400.
Should 8400 fail to act as support I will go long from lower levels again.
Be patient and wait for the market to give us more clarity. Safe trades.